How to get back down to a 5.0% mortgage rate | Rates closing to 6%
How to get back down to a 5.0% mortgage rate
Rates closing to 6%
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Apple Homes for sale
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How to get back down to a 5.0% mortgage rate
Bank of America's Rate Predictions
Bank of America believes we can lower our rates to 5%. That's, if. The Fed started buying MBS mortgage-backed securities to help ease quantitative easing. Here's a thing. This article is from Rezi Club, which is a local club around here if you want to get into real estate investing. This is a peer group, teaches you how to invest and get into that mindset, and I'm sure you get 10, 20 texts every day. Hey, I'm looking for a fifixer-upperWell, guess what? Anyway, this article comes back and talks about the 30-year fixed. And by the way, we'll talk about the 30-year fixed loan coming down today. As you can see in the title of this video, 30 years ago, we're right now.
A calendar year low, we've seen it come down lower, obviously. But in recent months, the 30 year fixed mortgage has hedged down. That's attributed to the gradual compression of the mortgage spread. Now, what that means is there's competition, right? Lenders don't make money unless they close a loan, unless they sell a loan with the lack of buyers out there looking for homes. The refi market right now is atrocious, so that's not even a thing right now if you're looking to buy a house. There are a few fewer buyers out there that have been like that for the last couple of years, which breeds its own competition in the rates arena.
Because the lenders want to close a loan. My loan agents are always calling me. Got any buyers? No, I don't because right now it's not a good time.
Factors Influencing Mortgage Rates
Gradual compression of the mortgage spread, meaning lenders are going to take less profit, which is good for you. So we were at three 16 mortgage news daily, Mortgage rates hit a historical relationship with inflation and unemployment. What would it take to get the average 30-year fixed to 5% the MBS team at Bank of America? We'll go into that in a second. Does see a path to 5%. If the Fed does MBS quantitative easing and yield curve control, driving the 10-year T bond to three to three and a quarter, well, we're not gonna get that with a quarter percent drop that we're expecting today. It would be great if we got it today.
However, it's probably not going to help the overall push to where we need to be. Remember, I've always. Over the recent year or two, I've mentioned the fact that our parity point for buyers and sellers to be happy right now is about five and a 5% for the mortgage rate. A 30-year jumbo, what have you, five and a half percent.
We're bringing it down to six. You can get it down below there with points, but in order to make the buyers happy to come back out in droves, we need to. It could come down lower. We always want it lower for our clients. Doesn't matter to me. It's you who gets stuck with a payment for a year or two until you can refinance long-term.
Year yields, such as the 10-year, treasury average 30-year fixed mortgage rate, are determined by demand or lack of demand for the underlying bond.
Challenges in the Real Estate Market
Fed stopped buying it about 2022. If the average 30-year fixed mortgage rate falls to 5% anytime soon, Bank of America believes it would likely be because the economy has taken a negative turn or perhaps the central bank. The bank adopted a new policy approach and resumed buying mortgage-backed securities. This means that. If rates dropped down to 5%, all the buyers would come up and buy all the properties today, which would bring more competitions to, to the homes that are currently for sale because we're not gonna get an influx of homes because of that 5% it might trigger some home sellers that are stuck at two half percent to say, you know what? I can afford 5%. The problem is, we'll go back into the inventory issue that we had two years ago. We had a lack of inventory, and our buyers were not very happy with it.
They weren't happy with it. They started being picky. And today we're in kind of a quasi, I wanna say it's a balanced market. It's a quasi buyer's market, but buyers are being picky. However, depending on your price range, like the house that I have right now, I have it listed at one and a quarter, and I know it's worth a little bit more.
Getting offers coming in, they're trickling. I saw one guy, one agent, throw in an offer. He didn't replace the name of the agent or the house that they previously put an offer on, which tells me that they're writing multiple offers to see which ones they can get. N ot something you're supposed to do, but in a frustrated market, frustrated buyers, they're gonna do that.
Are we gonna get to 5% anytime soon? I don't think so. I think what we're gonna see today is rates come down a quarter percent from the Fed. That means short-term, and the loan will come down. But we've already experienced rates coming down in anticipation of this since the beginning of this month.
Today's the 17th. The last quarter high is 7% on May 19th. Now we're coming back down. Now we're at 6.19. 6.15. This is not an application; an underwriter going through and quoting you. 6.15, there's a, this is what the starting rate is.
Then they come in and take a look at your assets and your credit and your job, and how much money you have, and down payment, and all that stuff. We've already talked about that. So if you look at what the average price is for a house in, lemme get over here.
Real Estate Listings and Market Analysis
And Santa Clara County is 2.4 million and change, 3030-3030-year, brought to a jumbo. Your down payment is 483,000, and your quoted qud 5.69 with 0.75 points. So your rate is 5.6. You can get it down below 6% today. Is this the right one for you? I don't know. You have to talk to your lender.
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If you don't have a lender, let me know. I'm happy to help you out with those. I don't make money. I don't care, but I do have people that I trust, so there you go. If you're interested in learning more about the loan approval process, let me know. If you haven't done so already, fill out this form and download your Home Buyer's checklist.
This gets you to look and compare and contrast different homes as you go through and look at five or six different homes on a weekend, and then you can see which ones you like the best. Because I can tell you, if you look at six houses, you can't tell me which ones have dual pan and which ones don't, and which ones have air conditioning, or which ones have cracks in the walls, or which ones have a yanked-up kitchen.
When is the house not worth what you think it's worth when the buyers tell you that they're not gonna write an offer or your agent? Hasn't gotten a response as to follow up, or your house hasn't sold in 110 days. This one right here, San Lorenzo, not my listing. 1.75 says it's a new listing., Let's take a look at it. It's a four-bedroom, two-bath. Sure. It's pretty inside. Wow. Nice staged. You have a nice granite countertop. At least he did a floor plan. Good. And you have the artsy fartsy outside homes, whatever.
Great. When your house is not worth what it's worth. It sits on the market for 110 days, 110 days. Your look, I can't pull a rabbit outta my hat. I sell houses, and I know that there are agents out there showing videos saying it's not the price. If you think your house is worth that, we can market it and track the right buyer.
Yeah. But up to a certain point. And here's the thing, when you have an average day on market of 16 days. Your house doesn't sell for a hundred days. Your house is overpriced. I don't care what value it is, I don't care what you've put into it. If you don't get offers in the first seven days, you're priced way out of whack. You are. You're priced way too high, period. I don't know how else to explain it to you.
If you have a $40 million home and you can afford for it to be on the market for a year, and you want to be a market maker, absolutely. But if you have a commodity track home that you fixed up and it's really pretty in your eyes, it might not be the thing that buyers are looking for. So how do you do that?
Well, one, go to open houses and see what other houses look like and compare them to what your house is, and see what the cool things are, which you like,e and you put into your house. You have to invest money in making your house look nice. Right. This guy did a great job making it look nice, but after 110 days, you don't have any offers.
It's the price. Every buyer on the internet has seen your house, and the buyers who wanted to take a look at the house looked at the house. Buyers are far more educated today than they have ever been before. They have access to data that we all have, and it's about a broker is somebody who brings a buyer and a seller together and matches them together, and without that, if you have a seller who has an unreasonable price, your house isn't gonna get offers.
After 110 days, what this tells me is there's a seller here that's stubborn, and he just doesn't want to deal with it. He doesn't want to hear it. If you can't do the job, I'm just gonna wait until the market comes back or until the right buyer comes,
Bank-Owned Properties and Market Insights
Bank One Property of the week. Keto Road, not my listing. $4.3 million. This is owned by the bank. Five bedrooms, six and a half baths. Built in 2004. Let's take a quick look inside
This agent really knows what they're doing. They're having an open house this weekend. It's majestic. Imagine what you can do with it. $4.32 million, and you'd have to fix it up. And it's a bank-owned, meaning that it's gonna be as is. Oh, and by the way, it's probably in the fire district, gated estate.
Huge 6,000 square foot home with bedrooms on three levels. Private driveway leads to a one-acre lot. You know, this might be a good buy, but I wouldn't buy it at four.
Homes near Apple. Let's talk about this guy right here. Location. Where's this one? Right here. Mine Court, not my listing. Let's take a look at it. We already see that it is semi-walking. You have to walk up here and get into the thing. Mine. Court. Four bedroom, three bath, 1700 square feet, list price. Deep creed, because even though the lot is semi-large and the house is nice, 2.29, I don't know what they did. They built this in 2010. It's been on the market for 30 days. You know why? Because it's near the freeway. It backs into the freeway. Your neighbor, your back neighbor.
Is the freeway functionally obsolete? That's the word that the term that comes to my mind. I don't care what it looks like inside. If your house is by the freeway, your house is not worth what other houses are worth around that area. Your comps are. You gotta discount your price by like 20, 30%. So maybe that's what this is, but I can assure you that this house is not gonna sell for $2.3 million.
Because of the location. I don't care what it looks like inside. We don't even have to look inside. If you want to go on the MLS, go take a look at ten six three one mine court, and you'll find that it's not. $4.2 million, seven bedrooms, six full baths, 3,300 square feet.
Mountain View home of the week
Built in 202,5 and they didn't even put a front lawn. I was walking distance to downtown Castro StreetMountainin View. So yeah. Nice. It's nice, but a one-bedroom one-car garage. Wait.
One car garage. Oh, but Vito, nobody ever parks in their garage. It doesn't matter. People expect to have a two-car garage. Maybe there's a reason for it. Maybe there's some kind of code. It's pretty inside. But guys, $4 million. You expect to have more than one car. I don't know how else to explain it to you.
What? I don't get it. What? Why is this? Is that an A DU?
No. No, A DU. I have no idea what that is. Maybe it is an A DU. I have no idea. Let's see if they did a map. Yep. Maybe.
Yeah. That's the A DU right there.
Let's take a look at the map. Let's see what that really means here. All right. 40 days on market. Everything's coming down. Everything's coming down right. The days on the markets are coming down.
Well, the 90 days on market increase, but bank-owned properties got flushed with a couple of new homes on the market. That one on keto is fun to look at. This one right here. Keto Road. Yeah, but not for $4 million. Pendings are lackluster. Last week was a pretty devastating blow to 68, but that's what, you know.
Back on the market, we have 28, and in Santa Clara County, we have 67 total. And withdrawn. We have 10 expired. Were eight and canceled. Were 37. So, back on markets, it's not a huge indicator. It's just something to shake the ideology of what's going on in the market.
People are struggling to qualify, but they know that if the seller's not willing to work with them. They're gonna walk, right? If you have contingencies in it, which are a property and termite, te and appraisal, aa nd loan, a nd need to sell your housethere are a lot of different moving parts in this. And when they do that, they pull out of the contract because the seller doesn't wanna work with them, or they just lost their job or something.
So it's not a huge indicator unless this gets into triple digits.
Alright, that's it. Thanks for watching. I'm Vito with Abitano. We'll see you out there.
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Vito Scarnecchia
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